Backed by Kenya’s richest families, NCBA posts $40.1-million profit in Q1 2024

Feyisayo Ajayi -

Key Points:

  • Kenyan financial giant NCBA Group kicked off 2024 with a 4.65-percent year-on-year jump in profit to Ksh5.30 billion ($40.1 million) for Q1.
  • NCBA Group reports a robust first quarter, fueled by its diversified business model and a surge in digital adoption.
  • Total assets also experienced a notable uptick, rising by 10.50 percent to Ksh694.87 billion ($5.25 billion).

NCBA Group, a leading financial services conglomerate controlled by some of Kenya’s wealthiest families, reported a robust first quarter of 2024. Profit climbed 4.65 percent year-on-year to Ksh5.3 billion ($40.1 million), solidifying its position as a major player in East Africa’s financial sector.

This surpasses the Ksh5.07 billion ($38.29 million) reported in the prior-year quarter, underscoring the lender’s operational resilience. Group operating income also displayed a positive trajectory, reaching Ksh15.98 billion ($120.74 million) compared to Ksh15.55 billion ($117.51 million) in 2023.

Total assets rose 10.5 percent to Ksh694.87 billion ($5.25 billion) from Ksh 628.83 billion ($4.75 billion) year-on-year. Customer deposits mirrored this growth, increasing by 9.67 percent to Ksh 548.07 billion ($4.14 billion) from Ksh499.74 billion ($3.77 billion) in 2023.

NCBA sees growth, resilience in Q1 results

John Gachora, the managing director of NCBA Group, attributed the lender’s strong financial results in the first quarter of 2024 to the growth and resilience of its diversified business model. He said: “Despite a challenging operating environment, our diversified business model continued to demonstrate growth and resilience with strong contribution from our digital business and stable performance from our regional banking subsidiaries.”

“We have maintained asset finance market share leadership at 35 percent and our growing deposit base indicates the ability to attract and serve more corporate and retail customers. Our regional branch expansion now reaching a footprint of 114 will ensure we offer superior experience and convenience through a bigger network,” he concluded.

NCBA Group: East African financial powerhouse

Headquartered in Nairobi, Kenya, NCBA Group operates as a non-operating holding company with subsidiaries in Tanzania, Rwanda, Uganda, and Côte d’Ivoire. Formed in 2019 via the merger of NIC Bank Group and Commercial Bank of Africa Group, NCBA has solidified its position as a major player in East Africa’s financial sector.

Partially owned by prominent Kenyan families such as Kenyatta, Merali, and Ndegwa, the leading financial services conglomerate remains steadfast in strengthening operations within Kenya while expanding its footprint across the region.